but we are actively working at it, let it be clear. No, the thing is that we have quite a lot of different legal entities with different tax regimes, so this is what we got during the first -- for the first semester.

but we are actively working at it let it be clear no the thing is that we have quite a lot of different legal entities with different tax regimes so this is what we got during the first -- for the first semester


as well as 2 substudies to test pamrevlumab in combination with either pirfenidone or nintedanib. Our principal focus in the substudies is on safety assessments of combination treatment.

as well as 2 substudies to test pamrevlumab in combination with either prophenidone or nintedanib our principal focus in the substudies is on safety assessments of combination treatment


Now for a brief overview. Favorable fundamentals, intense focus on operations, and years of deliberate capital allocation

now for a brief overview favorable fundamentals intense focus on operations and years of deliberate capital allocation


to replace aging natural gas lines and to support additional power plant performance and reliability improvements. All these investments are expected to further improve service to our customers.

to replace aging natural gas lines and to support additional power plant performance and reliability improvements all of these investments are expected to further improve service to our customers


Before we begin today's call, I want to remind you that the discussion will include forward-looking statements, such as the company's beliefs and expectations regarding certain aspects of the financial performance in 2016 and future years.

before we begin today's call i want to remind you that the discussion will include forward-looking statements such as the company's beliefs and expectations regarding certain aspects of the financial performance in 2016 and future years


Number two, our customers are struggling to get bank financing. Banks and regulators all want to reduce exposure to the oil and gas industry. One critical function of commodity prices is to signal producers whether to produce more or less.

number two our customers are struggling to get bank financing banks and the regulators all want to reduce exposure to the oil and gas industry one critical function of commodity prices is to signal producers whether to produce more or less


Okay. And then, is the potential raw material disruption in Texas related to the tank farm fire that occurred in the shipping terminals or is it something else? And

okay and then is the potential raw material disruption in texas related to the tank farm fire that occurred in the shipping terminals or is it something else and


We are excited by the positive market reaction to our offering and believe it will not only strengthen our position as the leader in learning but will help drive growth into the future.

we are excited by the positive market reaction to our offering and believe it will not only strengthen our position as the leader in learning but will help drive growth into the future


And while it's clear that the rule will greatly impact the financial services firms, I want to assure everyone that we are working closely with our distribution partners to ensure our firm is well positioned once the rule takes effect.

and while it's clear that the rule will greatly impact financial services firms i want to assure everyone that we are working closely with our distribution partners to ensure our firm is well positioned once the rule takes effect


This impacts our effective tax rate each period, especially when we have pretax income in these locations as we do not have to recognize any tax expense against that income.

this impacts our effective tax rate each period especially when we have pretax income in these locations as we do not have to recognize any tax expense against that income


He has demonstrated expertise in leading global transformational initiatives. Both Floyd and Kirk will be essential to our success as we continue to evolve our business. With that, I will turn it over to Dave. Dave?

he has demonstrated expertise in leading global transformational initiatives both floyd and kirk will be essential to our success as we continue to evolve our business with that i will turn it over to dave dave


I believe this new framework will dramatically alter the conversations we have with our clients and will frame NextGen as more of a trusted adviser they can partner with to enhance the efficiencies of their practice.

i believe this new framework will dramatically alter the conversations we have with our clients and will frame nextgen as more of a trusted adviser they can partner with to enhance the efficiencies of their practice


Effective during the third quarter, the company began reporting expenses related to its insurance program and other expense general and administrative on a prospective application.

effective during the third quarter the company began reporting expenses related to its insurance program and other expense general and administrative on a prospective application


In addition to the 2 spreads activated since mid-December, demand has been strong enough that we are preparing to activate another frac spread, which will begin working early in the second quarter.

in addition to the 2 spreads activated since mid-december demand has been strong enough that we are preparing to activate another frac spread which will begin working early in the second quarter


We keep on being as selective as possible with financial criteria that have been reviewed in the most stringent way, since I took on my additional CFO responsibilities.

we keep on being as selective as possible with financial criteria that have been reviewed in a more stringent way since i took on my additional cfo responsibilities


And we have purchased others shippers' line space when those values are negative, which means they pay us to ship on their space. So the bleeding has stopped.

and we have purchased other shippers' line space when those values are negative which means they pay us to ship on their space so the bleeding has stopped


We expect much improved utilization of our fleet going forward, which will increase margins for the remainder of the year. The majority of the EBITDA for this business is expected in the second and third fiscal quarters.

we expect much improved utilization of our fleet going forward which will increase margins for the remainder of the year the majority of ebitda for this business is expected in the second and third fiscal quarters


At this time, I would like to say a word about our guidance for fiscal 2017. As we previously mentioned, we are revising our expectations for 2 primary reasons.

at this time i would like to say a word about our guidance for fiscal 2017 as we previously mentioned we are revising our expectations for 2 primary reasons


But in terms of absolute branches, it depends on how you count what you call online agents, what we call hybrid agents. So if you include those in the pool, then I would actually expect to see the number of branches

but in terms of absolute branches it depends how you count what you call online agents what we call hybrid agents so if you include those in the pool then i would actually expect to see the number of branches


whether it was on national advertising or in local office execution, I just think we did a really nice job of executing in all channels to make sure that value was clear to our clients.

whether it was on national advertising or in local office execution i just think we did a really nice job of executing in all channels to make sure that value was clear to our clients


in 2018, which Billy Helms will update you on shortly. As a result, we are in a position to generate healthy financial returns, even in a moderate oil price environment.

in 2018 which billy helms will update you on shortly as a result we are in a position to generate healthy financial returns even in a moderate oil price environment


The result of all of these efforts is that we'll achieve a rationalization of square footage over time, not necessarily fewer stores, but probably less square footage.

the result of all of these efforts is that we'll achieve a rationalization of square footage over time not necessarily fewer stores but probably less square footage


And we're going to do everything we can to maintain our position in the payer. But we always -- we have to take it one at a time. It's still got to create value for our shareholders.

and we're going to do everything we can to maintain our position in the payer but we always -- we have to take it one at a time it's still got to create value for our shareholders


to do the work and are supportive in the pricing structure around the talent typically to do the work. They run sites of their own. They're normally sophisticated buyers and understand what it takes

to do the work and are supportive in the pricing structure around the talent typically to do the work they run sites of their own they're normally sophisticated buyers and understand what it takes


Interest rates are at historic lows. There is hazard in both duration and credit risk. The equity market is often unpredictable and frequently volatile.

interest rates are at historic lows there is hazard in both duration and credit risk the equity market is often unpredictable and frequently volatile


are and continue to produce continuously evolving rating algorithms, generating much more granular, highly segmented, proprietary and predictive models,

are and continue to produce continuously evolving rating algorithms generating much more granular highly segmented proprietary and predictive models


As a result of that, I think we said a number of times last year, we didn't really see much deflation in 2015 until really the middle of the second quarter. So we have one benefit in 2016, which was we'd expect to see

as a result of that i think we said a number of times last year we didn't really see much deflation in 2015 until really the middle of the second quarter so we have one benefit in 2016 which was we'd expect to see


Overall, it has been a very good quarter, where we continue to make progress with our core business units as well as progress toward the goal of providing low-cost clinical products and services to the diagnostics industry.

overall it has been a very good quarter where we continue to make progress with our core business units as well as progress toward the goal of providing low-cost clinical products and services to the diagnostics industry


So that resulted in loading up on inventory a little bit in the quarter for the Easter period. Two is private label. We really started to land and bulk up a little bit, and we'll sell through that as we go through the year.

so that resulted in loading up on inventory a little bit in the quarter for the easter period two is private label we really started to land and bulk up a little bit and we'll sell through that as we go through the year


The remainder of this first quarter shortfall was execution related. And while these revenues should shift forward in 2016, we expected to capture them in the first quarter.

the remainder of this first quarter shortfall was execution related and while these revenues should shift forward in 2016 we expected to capture them in the first quarter


and specifically our investment strategy of investing in both debt and equity in the lower middle market and acting as a sponsor and a partner to the management teams of our lower middle market portfolio companies and not just a financing source.


and a quality improvement project plan, which detail the steps we are taking to upgrade our processes and systems to further enhance our manufacturing capabilities.

and a quality improvement project plan which detail the steps we are taking to upgrade our processes and systems to further enhance our manufacturing capabilities


While this report does not produce any explicit change to existing laws or regulations, it contains a number of recommendations that align closely with Prudential's policy positions.

while this report does not produce any explicit change to existing laws or regulations it contains a number of recommendations that align closely with prudential's policy positions


We continue to see strength in engineered pump orders and backlog, but our process filtration business faces difficult second half comparisons as large projects in the comparable period last year are not repeating.

we continue to see strength in engineered pump orders and backlog but our process filtration business faces difficult second half comparisons as large projects in the comparable period last year are not repeating


Just thank you and enjoy the rest of the summer. Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may all disconnect. Everyone have a great day.

just thank you and enjoy the rest of the summer ladies and gentlemen thank you for participating in today's conference this does conclude the program and you may all disconnect everyone have a great day


So cash was abundant and allows us to be in a position to look at other opportunities of increasing our served market, both organically where we might have to invest

so cash was abundant and allows us to be in a position to look at other opportunities of increasing our served market both organically where we might have to invest


So -- and it's not just in education, Keith. We've kind of seen this play out. And so I would venture to say we have taken meaningful share in those markets.

so -- and it's not just in education keith we've kind of seen this play out and so i would venture to say we have taken meaningful share in those markets


measurement and control applications. We will also unveil new products that we believe will give us the opportunity to further demonstrate the advantages of our platform.

measurement and control applications we will also unveil new products that we believe will give us the opportunity to further demonstrate the advantages of our platform


On the other hand, additional preclinical safety tests are required before any drug is taken into healthy volunteer, whereas, such studies are not required before a drug is dosed in cancer patients.

on the other hand additional preclinical safety tests are required before any drug is taken into healthy volunteer whereas such studies are not required before a drug is dosed in cancer patients


While each insurance company runs their own process and evaluation at their own pace, we respect their process and we'll continually work with them to demonstrate the compelling value of our long-term sensor.

while each insurance company runs their own process and evaluation at their own pace we respect their process and we will continually work with them to demonstrate the compelling value of our long-term sensor


to partnering with Hilton and future operators to meet and exceed our operational goals and create long-term shareholder value. With that, I will turn the call over to Sean.

to partnering with hilton and future operators to meet and exceed our operational goals and create long-term shareholder value with that i will turn the call over to sean


Historically, interest income was a very modest amount, so we included it in our other income and expense line, and therefore, it was in our operating income.

historically interest income was a very modest amount so we included it in our other income and expense line and therefore it was in our operating income


Now please turn to Slide 14 for our Europe, Middle East and Africa business. Volume strengthened and profits were up on constant -- on a constant currency basis.

now please turn to slide 14 for our europe middle east and africa business volumes strengthened and profits were up on constant -- on a constant currency basis


We aren't short in ideas in this area and work is definitely underway, particularly in important areas like redemption and expirations. We simply don't yet have sustained big product wins to share, but we will.

we aren't short on ideas in this area and work is definitely underway particularly in important areas like redemption and expirations we simply don't yet have sustained big product wins to share but we will


really well staffed and has -- and with all the support that it needs to really grow that marketplace. So you'll see us shift a bit in our conversation from countries to making sure that we're in the right cities and our footprint

really well staffed and has -- and with all the support that it needs to really grow that marketplace so you'll see us shift a bit in our conversation from countries to making sure that we're in the right cities in our footprint


We are cautiously optimistic that the increase in the volume and demand will absorb the ships delivering next year and the following year.

we are cautiously optimistic that the increase in the volume and demand will absorb the ships delivering next year and the following year


Our CapEx in the fourth quarter was less than anticipated due to the timing of purchases and certain other work moving into 2018, and as a result, our CapEx guidance for 2018 will be adjusted accordingly.

our capex in the fourth quarter was less than anticipated due to the timing of purchases and certain other work moving into 2018 and as a result our capex guidance for 2018 will be adjusted accordingly


interest with buying out the company? I know you guys have a very small float, low outstanding shares. Are you guys concerned at all about somebody coming in and scooping in the float and taking over the company?

offers or interest with buying out the company i know you guys have a very small flow outstanding shares are you guys concerned at all about somebody coming in and scooping in the float and taking over the company


that created a good favorable environment for us throughout the spring selling season that helped contribute to our strong brake performance that led in, I think, to a strong summer, traditional summer season as well.

that i think created a good favorable environment for us throughout the spring selling season that helped contribute to our strong break performance that led in i think to a strong summer traditional summer season as well


If you look at the volume over the first half and the second half, I think we will have to -- the reason why we are a little bit more positive on the higher-volume components over the second half

if you look at the volume over the first half and the second half i think we will have to -- the reason why we are a little bit more positive on the higher volume components over the second half


Owning more of this sort of dynamic kit along with the likes of our gas processing and storage assets and our renewable energy assets will see SIB CapEx at higher levels going forward.

only more of this sort of dynamic kit along with the likes of our gas processing and storage assets and our renewable energy assets will see fib capex at higher levels going forward


And so we think for a project to make sense, you've got to have a lot of synergy and a lot of vision as far as what you're going to do with it longer term. And I think that's the nature of the deals that you've seen recently.

and so we think for a project to make sense you've got to have a lot of synergy and a lot of vision as far as what you're going to do with it longer term and i think that's the nature of the deals that you've seen recently


to have bidirectional capability? And then taking that a step further, maybe an update with regard to how you see the evolution of what's going to be downstream of everything that you're doing in the STACK?

to have bi-directional capability and then taking that a step further maybe an update with regard to how you see the evolution of what's going to be downstream of everything that you're doing in the stack


While rig count growth supports the spectrum of opportunity in Central Oklahoma and the Permian, the scale of the LNG capacity in industrial consumption provides gas-related opportunities in Louisiana.

while rig count growth supports the spectrum of opportunity in central oklahoma and the permian the scale of the lng capacity and industrial consumption provides gas-related opportunities in louisiana


such as markets, such as client flows and things like that. So therefore, that's why we need to redouble the efforts around there, so in those periods like a 2018, that we don't see that thing kind of fall off.

such as markets such as client flows and things like that so therefore that's why we need to redouble the efforts around there so in those periods like a 2018 that we don't see that same kind of fall-off


including inbred models for genetic modification and immunodeficient models for oncology research and innovative technologies like CRISPR as critical tools to more narrowly target

including inbred models to genetic modification and immunodeficient models for oncology research and innovative technologies like crispr as critical tools to more narrowly target


It's become increasingly clear to all of us that trust and reliability matter to customers when they choose who will be delivering packages to their doors.

it's become increasingly clear to all of us that trust and reliability matter to customers when they choose who will be delivering packages to their doors


folks who are reported to be interested in or have launched their mobile or their virtual MVPD product directly. I know networks that are also talking with those folks.

folks who are reported to be interested and or have launched their mobile vp -- their mobile -- their virtual mvpd product directly i know networks are also talking with those folks


We will continue to take a balanced, prudent and long-term approach to our capital allocation strategy, which includes evaluating share repurchases and acquisitions on an opportunistic basis.

we will continue to take a balanced prudent and long-term approach to our capital allocation strategy which includes evaluating share repurchases and acquisitions on an opportunistic basis


We plan to keep debt levels in line with an investment-grade profile to maintain the flexibility for capital expenditures, dividend payments, share repurchases and acquisitions.

we plan to keep debt levels in line with an investment-grade profile to maintain the flexibility for capital expenditures dividend payments share repurchases and acquisitions


Joe already is making an impact across the business. His track record of success in innovation will be a driving force behind our future e-commerce success and we are excited to have him here.

joe already is making an impact across the business his track record of success and innovation will be a driving force behind our future e-commerce success and we are excited to have him here


Interest expense during the quarter was skewed by the fact that after the bond issuance at the end of February was completed, we took approximately a month to fully repay the peso-denominated debt,

interest expense during the quarter was skewed by the fact that after the bond issuance at the end of february was completed we took approximately a month to fully repay the peso-denominated debt


We've appointed our Global Group Director of Operations. We've identified our regional operations leadership team, and we've hired additional subject matter experts to assist us in key areas targeted for improvement.

we've appointed our global group director of operations we've identified our regional operations leadership teams and we've hired additional subject matter experts to assist us in key areas targeted for improvement


Number one, we are really offering very attractive value to our advertisers on our platform given our size and scale. And you are seeing that more and more advertisers are coming to our platform. A number of advertisers on auction

number one we are really offering very attractive value to our advertisers on our platform given our size and scale and you are seeing that more and more advertisers are coming to our platform a number of advertisers on auction


how that's evolved recently. Obviously, the market is picking back up, and that helps everyone. But I'm curious if your competitors have been pretty rational as it relates to capacity additions. And

how that's evolved recently obviously the market is picking back up and that helps everyone but i'm curious if your competitors have been pretty rational as it relates to capacity additions and


Looking at the full year, we saw our investments across the portfolio helped to deliver production growth at 4%. Cash flows were also strong despite the higher capital

looking at the full year we saw our investments across the portfolio helped to deliver production growth at 4% cash flows were also strong despite the higher capital


With regard to Obuasi, I take your point in terms of the checkered history again. But having said that, what we took into account is the extent of the reworking which Graham and the team have actually done to give us comfort.

with regard to abu asy i take your point in terms of the checkered history again but having said that what we took into account is the extent of the reworking which graham and the team have actually done to give us comfort


likely be the things that we would look at doing. Bill mentioned that we may do some things that -- what I would refer to as an investment in our balance sheet that may reuse a little bit of cash.

likely be the things that we would look at doing bill mentioned that we may do some things that what i would refer to as an investment in our balance sheet that may use a little bit of cash


So I mean, we are constantly assessing the cost increases or decreases that we have and making sure that we don't get trapped in situations where we have a

so i mean we are constantly assessing the cost increases or decreases that we have and making sure that we don't get trapped in situations where we have


This is a very positive outcome, as it avoids the time, expense and distraction of a trial, which was scheduled to begin this month in Texas, to be followed by one in New York.

this is a very positive outcome as it avoids the time expense and distraction of a trial which was scheduled to begin this month in texas to be followed by one in new york


which accounts for the uncertainty of the audit volume and additional capital that will be needed to carry CMS receivables for periods considerably longer than currently required.

which accounts for the uncertainty of the audit volume and additional capital that will be needed to carry cms receivables for periods considerably longer than currently required


appropriately allocate the risk model, especially for the price point we're charging for these services. And we've also been very careful to make sure that our

appropriately allocate the risk model especially for the price point we're charging for these services and we've also been very careful to make sure that our


I remain confident in the preliminary plan. You will recall that the first step is to propel NOI growth over the next 5 years.

i remain confident in the preliminary plan you'll recall that the first step is to propel noi growth over the next 5 years


I will now go into a bit more detail for each of this important market and provide you with some insight into our strategy and outlook going forward.

i will now go into a bit more detail for each of these important markets and provide you with some insight into our strategy and outlook going forward


We expect to see the usual seasonal pattern of stronger construction activity in the second half, driving volume, plant utilization and earnings during that period.

we expect to see the usual seasonal pattern of stronger construction activity in the second half driving volume plant utilization and earnings during that period


So we've already brought in outside capital with the 2 SPVs that we've done. We obviously got a broker-dealer license, which will enable us to compensate those that help us go out and raise outside funds.

so we've already brought in outside capital with the 2 spvs that we've done we obviously got a broker dealer license which will enable us to compensate those that help us go out and raise outside funds


Okay. So this is Mike. Let me just close by saying thank you to all of our 1,300 professionals around the world. I think it's your ability to help our clients achieve operational excellence and

okay so this is mike let me just close by saying thank you to all of our 1 300 professionals around the world i think it's your ability to help our clients achieve operational excellence and


Our expense base has benefited from our never-ending focus on operating efficiencies and our conservative approach toward managing our balance sheet continues to be a differentiator for us.

our expense base has benefited from our never-ending focus on operating efficiencies and our conservative approach toward managing our balance sheet continues to be a differentiator for us


Ultimately, we believe the future contribution from this growth will provide significant operating leverage as we monetize what were previously strategic investments for the company.

ultimately we believe the future contribution from this growth will provide significant operating leverage as we monetize what were previously strategic investments for the company


As many of you know, nonrecurring dividend and fee income is impossible to predict with accuracy on a quarter-to-quarter basis, which is why we tend to focus on it in an annual context.

as many of you know nonrecurring dividend and fee income is impossible to predict with accuracy on a quarter-to-quarter basis which is why we tend to focus on it in an annual context


somewhat interesting, of course, is that if you have an opportunity to make an international acquisition, given the strength of the dollar, that may present some opportunities. So certainly on our list.

somewhat interesting of course is that if you have an opportunity to make an international acquisition given the strength of the dollar that may present some opportunities so certainly on our list


And as I'll show you in the coming slides, these boost responses were strongest in those that had the weakest immune responses after a year, which is exactly what you want to achieve in an annual booster regime.

and as i'll show you in the coming slides these boost responses were strongest in those that had the weakest immune responses after a year which is exactly what you want to achieve in an annual booster regime


your overall year-end is still impacted by this push-out, which suggests we really don't know when that business is coming back. So just trying to get more clarity on this. And I have a follow-up.

your overall year-end is it still impacted by this push-out which suggests we really don't know when that business is coming back so just trying to get more clarity on this and i have a follow-up


Agency spreads look modestly attractive compared to last quarter, particularly considering the more accommodative posture of central banks. That being said, we are not planning to increase leverage over the near-term,

agency spreads look modestly attractive compared to last quarter particularly considering the more accommodative posture of central banks that being said we are not planning to increase leverage over the near term


So as we conclude our brief prepared remarks this quarter, I'll mention one additional item. Last quarter, I mentioned that we would be disappointed if we didn't announce a couple of hundred million dollars of acquisitions and growth projects in the

so as we conclude our brief prepared remarks this quarter i'll mention one additional item last quarter i mentioned that we would be disappointed if we didn't announce a couple hundred million dollars of acquisitions and growth projects in the


which makes it a more comfortable place for us to add. But I think we'll watch this as we go. We'll obviously keep you posted on the way this is developing. But we're off to a great start in the first few weeks that we've been

which makes it a more comfortable place for us to add but i think we'll watch this as we go we'll obviously keep you posted on the way this is developing but we're off to a great start in the first few weeks that we've been


but there's efficiencies that -- when we're as vertically integrated as we are and being the only seat supplier with both leather and textile to really establish a well-crafted seat that could help them with their brands,

but there's efficiencies that when we're as vertically integrated as we are and being the only seat supplier with both leather and textile to really establish a well-crafted seat that can help them with their brands


and moving the balance that was in other FI services to the fraud, security, risk management and operational services category.

and moving the balance that was in other fi services to the fraud security risk management and operational services category


with the absence of activity over significant periods of time. South Texas mineral owners are starting to enforce continuous drilling clauses in their leases.

with the absence of activity over significant periods of time south texas mineral owners are starting to enforce continuous drilling clauses in their leases


People are getting to know each other better, are working well together in teams. We have common aligned goals and objectives, and incentive plans have now been established for every single person in our company.

people are getting to know each other better are working well together on teams we have common aligned goals and objectives and incentive plans have now been established for every single person in our company


Design and engineering for the project is currently underway with construction expected to begin in the spring of 2019. The project is one of the largest accommodation facilities ever built in Canada.

design and engineering for the project is currently underway with construction expected to begin in the spring of 2019 the project is one of the largest accommodation facilities ever built in canada


with good brand awareness and excellent economies of scales. It gives me confidence that we've got the right things within a very difficult environment to improve over our peer group.

with good brand awareness and excellent economies of scales it gives me confidence that we've got the right things within a very difficult environment to improve over our peer group


I imagine that the first one would be at ASCO next year. B-MIND, remember, is intended to be a pivotal study, so that will be blinded, and that we're in a safety run-in at the moment. I think the next

i imagine that the first one would be at asco next year b-minder remember is intended to be a pivotal study so that will be blinded and that we're in a safety run-in at the moment i think the next


In our core business, we are continuing to see a very strong demand for ROADMs on a global basis, with India and China beginning to deploy ROADMs in large volumes.

in our core business we are continuing to see a very strong demand for our roadms on a global basis with india and china beginning to deploy roadms in large volumes


The film has had critical acclaims, but they don't know who made it. It's not easy to sell noodles indeed. Any other questions?

the film has had critical claims but they don't know who made it it's not easy to sell noodles indeed any other questions


We want to improve our bakery business. We want to also improve our health supplement business. These are the things I will work hard to achieve.

we want to improve our bakery business we want to also improve our health supplement business these are the things i will work hard to achieve


Even with the decrease in domestic wholesale, we saw growth in our Kids division as well as Women's Active and sandals and Men's Sport, and men's and women's On The GO and Work.

even with the decrease in domestic wholesale we saw growth in our kids division as well as women's active and sandals and men's sport and men's and women's on-the-go and work


quality and style in their footwear. We look forward to maintaining our position as a brand leader and further growing our market share around the world. Now, turning to our business in detail.

quality and style in their footwear we look forward to maintaining our position as a brand leader and further growing our market share around the world now turning to our business in detail


We are a little bit more active today in the acquisition area. Again, we are quite well on track with our organic growth execution

we are a little bit more active today in the acquisition area again we are quite well on track with our organic growth execution


what do you think or when do you think we might begin to see some traction in the Foreign Supplier Verification Program? How's today sound?

what do you think or when do you think we might begin to see some traction in the foreign supplier verification program how's today sound


then we're reasonably well-positioned because our head office and home is in the center of the Eurozone. So for us, I think we end up slightly bizarrely by having something of a competitive advantage, which we

then we're reasonably well positioned because our head office and home is in the center of the eurozone so for us i think we end up slightly bizarrely by having something of a competitive advantage which we


For 2018, we expect that our capital expenditures will increase to 3% to 4% of revenue as we continue to make improvements to our data infrastructure to support our client growth.

for 2018 we expect that our capital expenditures will increase to 3% to 4% of revenue as we continue to make improvements to our data infrastructure to support our client growth


So with -- at the outset, I think the quadrennial review can help provide the transparency on the market definition that would open the doors.

so at the outset i think the quadrennial review can help provide the transparency on the market definition that would open the doors


In order to continue to minimize adjustments made to GAAP for management reporting, we did not adjust out this accounting change. Historically, client reimbursements have not been significant relative to total revenues.

in order to continue to minimize adjustments made to gaap for management reporting we did not adjust out this accounting change historically client reimbursements have not been significant relative to total revenues


Moreover, the waves of deployment tend to happen quite simultaneously across different locations because they serve graphical areas with similar economic and political environments.

moreover the ways of deployment tend to happen quite simultaneously across different locations because they serve geographical areas with similar economic and political environments


institutions are looking at gold in a very, very different way than they did in the last 5 years. So we are seeing the pace of institutional presentations picking up

institutions are looking at gold in a very very different way than they did in the last 5 years so we are seeing the pace of institutional presentations picking up


So they fit completely with what we've been trying to rebuild over the last 5 years in terms of a continuous stream of exploration drilling potential going out over the next few years.

so they fit completely with what we've been trying to rebuild over the last 5 years in terms of a continuous stream of exploration drilling potential going out over the next few years


Still a lot to do, but we are clearly on the right way, and I do not doubt that these divisions will contribute a lot to the whole group for value creation.

still a lot to do but we are clearly on the right way and i do not doubt that these divisions will contribute a lot to the whole group for value creation


In the Bakken, last year's activity was focused on drawing down our inventory of legacy drilled but uncompleted wells, which didn't have the benefit of our latest precision targeting techniques.

in the bakken last year's activity was focused on drawing down our inventory of legacy drilled but uncompleted wells which didn't have the benefit of our latest precision targeting techniques


So we continue to drive these elements on a model that has, as a base, the consistency of performance. I believe that you'll see far more volatility in the global markets.

so we continue to drive these elements on a model that has -- as a base the consistency of performance i believe that you'll see far more volatility in the global markets


We have tried our best to anticipate, with all the changes pre-IPO that we've shown you in our Investor Day in November, to anticipate as much as possible.

we have tried our best to anticipate with all the changes pre-ipo that we've shown you in our investor day in november to anticipate as much as possible


Over the past years, I've also come to know most of you on today's call. I thank you for your engagement and your support of Starbucks and of me. I can say without equivocation that the best days for Starbucks lie ahead.

over the past years i've also come to know most of you on today's call i thank you for your engagement and your support of starbucks and of me i can say without equivocation that the best days for starbucks lie ahead


With regard to managing patients in the trial who have been identified to have trace regurgitation on the mitral or aortic valve, we do have a

with regard to managing patients in the trial who have been identified to have trace regurgitation on the mitral or aortic valve we do have a


provide a little bit more depth onto your new orders number especially because we do have the acquisition of buw flowing through the numbers this quarter for the first time.


Looking at it from a regional perspective, we can see that both Europe, Middle East and Africa and Asia Pacific have been

looking at it from a regional perspective we can see that both europe middle east and africa and asia pacific have been


Going a little bit more into each of the business lines. On mobile, we see a continuous good uptake of the upsell efforts that we have.

going a little bit more into each of the business lines on mobile we see a continuous good uptake of the upsell efforts that we have


I don't think that we can get any direct read of how not targeting the X gene affects what the data would have been like. The

i don't think that we can get any direct read of how not targeting the x gene affects what the data would have been like the


if you will, movements in the hydrocarbon price models, which we believe, therefore, will have a benefit to our business over time. I'm not suggesting we're going to get back to the historical relationship just yet,

if you will movements in the hydrocarbon price models which we believe therefore will have a benefit to our business over time i'm not suggesting we're going to get back to the historical relationship just yet


is in process. But we are also looking at other options and exploring other options and opportunities with the National Institutes of Health. I think there will be more information about that

is in process but we are also looking at other options and exploring other options and opportunities with the national institutes of health i think there will be more information about that


Which we make, and almost every place in the world can make, those sets. So what happens on that is price is probably

which we make and almost every place in the world can make those sets so what happens on that is price is probably


So I think the Nubiola team have a very nice competency around salesmanship and technology and the way they go to market.

so i think the new biola team have a very nice competency around salesmanship and technology and the way they go to market


Now that being said, I've also said that within probably -- early in the summer, sometimes in the summer, we'll announce on the financial side what the plan is going to be in the future.

now that being said i've also said that within probably early in the summer sometimes in the summer we'll announce on the financial side what the plan is going to be in the future


with the performance of cell filtration and the process of gene editing that we have, and I consider this problem as,

with the performance of cell filtration and the process of gene editing that we have i consider this problem as


at dollars that are significantly less than what it's costing them to produce. And how long those folks can hold on and how long they can live off their legacy contracts, will have a huge impact

dollars that are significantly less than what it's costing them to produce and how long those folks can hold on and how long they can live off their legacy contracts will have a huge impact


As with previous calls, our comments today are subject to normal provisions relating to forward-looking information. We will provide information relating to our current views regarding trends in the markets,

as with previous calls our comments today are subject to normal provisions relating to forward-looking information we will provide information relating to our current views regarding trends in the markets


and no improvement in power outage severity relative to the very low levels experienced during 2015. We expect the seasonality of quarterly results to demonstrate a normal historical pattern assuming no major outage events occur during the year.

and no improvement in power outage severity relative to the very low levels experienced during 2015 we expect the seasonality of quarterly results to demonstrate a normal historical pattern assuming no major outage events occur during the year


As you think about the production side of the business, there's increased production because you had a lot of people who were uncertain about avian influenza.

as you think about the production side of the business there's increased production because you had a lot of people who were uncertain about avian influenza


Third, we incurred higher operating expenses, primarily related to bird performance issues with both our conventional flocks and those raised without antibiotics.

third we incurred higher operating expenses primarily related to bird performance issues with both our conventional flocks and those raised without antibiotics


These capabilities are especially important now when global biopharma companies are making the decision to increase their reliance on CROs, and small and mid-sized biotech companies,

these capabilities are especially important now when global biopharma companies are making the decision to increase their reliance on cros and small and mid-sized biotech companies


Starting with aggregating and consolidating the traditional industry for genetic testing, and on its foundation, building a new industry in which we are the leader in the generation and management of genetic information as a key enabler of personalized medicine.

starting with aggregating and consolidating the traditional industry for genetic testing and on its foundation building a new industry in which we are the leader in the generation and management of genetic information as a key enabler of personalized medicine


Developments and results may differ from those projected. The risks and uncertainties related to these statements are detailed in our filings with the SEC. During this call, we will also discuss non-GAAP financial measures.

developments and results may differ from those projected the risks and uncertainties related to these statements are detailed in our filings with the sec during this call we will also discuss non-gaap financial measures


In HVAC, in addition to our solid performance this quarter, we remain on track with our plans for several new product launches and expanding and optimizing our channels to market.

and hvac in addition to our solid performance this quarter we remain on track with our plans for several new product launches and expanding and optimizing our channels to market


settlement and the requirements under the settlement. And then we have clips from a video that Herbalife had prepared and released the same day to its distributors. Let me give you a little bit of context on what Herbalife is trying to do here.

settlement and the requirements under the settlement and then we have clips from a video that herbalife had prepared and released the same day to its distributors let me give you a little bit of context on what herbalife is trying to do here


As the results of these -- as a result of these steps early this year, we are on track to achieve our leverage target of approximately 3.5x at the end of this fiscal year.

as the results of these -- as a result of these steps early this year we are on track to achieve our leverage target of approximately 3 5x at the end of this fiscal year


And therefore, that will change the capital generation pattern somewhat and will largely offset the benefit of writing a lower level of new business.

and therefore that will change the capital generation pattern somewhat and will largely offset the benefit of writing a lower level of new business


And so that's just an anomaly in the data. It's going to correct itself as we lap it. And I think actually IMS is going to try to correct it. At some point here going forward, they are publishing

and so that's just an anomaly in the data it's going to correct itself as we lap it and i think actually ims is going to try to correct it at some point here going forward they are publishing


I think that's why we're a little bit more focused on the operating leverage side as opposed to an absolute number on the expense base. If you actually look at where expenses are growing,

i think that's why we're a little bit more focused on the operating leverage side as opposed to an absolute number on the expense base if you actually look at where expenses are growing


Our working capital improvement initiatives, reduction in capital expenditure and the noncash nature of some of our operating expenses has had a meaningful impact on free cash flow.

our working capital improvement initiatives reduction in capital expenditure and the noncash nature of some of our operating expenses has had a meaningful impact on free cash flow


Finally, I will provide some closing remarks, including more detail on our plans, which we announced last night on our earnings release, to convert to a REIT in the first half of 2019. Then we'll open the floor to questions.

finally i will provide some closing remarks including more detail on our plans which we announced last night in our earnings release to convert to a reit in the first half of 2019 then we'll open the floor to questions


I also think it's fair to point out that due to seasonal effect, we hand over a lot of completed projects in Q4. And by that, it's a natural pressure downwards on the sales ratio.

i also think it's fair to point out that due to seasonal effects we hand over a lot of completed projects in q4 and by that it's a natural pressure downwards on the sales ratio


We are expecting growth in our Asia business as we annualize the benefit of a number of new installations in 2015 and increase our position in certain mobile phone supply chains.

we are expecting growth in our asia business as we annualize the benefit of a number of new installations in 2015 and increase our position in certain mobile phone supply chains


First things first, we will continue to flawlessly integrate the business. Our people, processes and technology integrations are on track today and we will not lose focus on that important work. Second,

first things first we will continue to flawlessly integrate the business our people processes and technology integrations are on track today and we will not lose focus on that important work second


Reported operating margin in the quarter improved by 5 percentage points compared to the prior year through the combination of volume leverage, mix and the net effect of continuous improvement initiatives.

reported operating margin in the quarter improved by 5 percentage points compared to the prior year through the combination of volume leverage mix and the net effect of continuous improvement initiatives


we're not trying to not answer your question, mate, but the answer is that we've always had in -- within our guidance a risk to some of our revenues that might come and might not come,

we're not trying to not answer your question mate but the answer is that we've always had within our guidance a risk to some of our revenues that might come and might not come


In fact, we are very ambitious in this payment arena. I cannot anticipate anything, but there is a lot to come. Now in terms of

in fact we are very ambitious in this payment arena i cannot anticipate anything but there is a lot to come now in terms of


We see new construction of rigs and we've also seen our models being purchased and taking out a different transmission. So there's a mix of that

we see new construction of rigs and we've also seen our models being purchased and taking out a different transmission so there's a mix of that


And then, I just want to say, Irene, that I'm really trying to make this not a Hershey question and I totally understand your sensitivity. I'm really trying to focus on the margin potential side of this

and then i just want to say irene that i'm really trying to make this not a hershey question and i totally understand your sensitivity i'm really trying to focus on the margin potential side of this


the plans we have in New York and Illinois, we think of as preserving those units for the day where we have that best design in place. And we think that day is going to come eventually,

the plans we have in new york and illinois we think of as preserving those units for the day where we have that best design in place and we think that day is going to come eventually


Thank you. Before we begin, I would like to note that this conference call may contain forward-looking statements based on the estimates and assumptions of management at the time of such statements and are not guarantees of future performance.

thank you before we begin i would like to note that this conference call may contain forward-looking statements based on the estimates and assumptions of management at the time of such statements and are not guarantees of future performance


Our table win was down a little more than 7%. Table drop was down just over 3%, but our hold percentage was also down about a point compared to last year, leading to the revenue decline.

our table win was down a little more than 7% table drop was down just over 3% but our hold percentage was also down about a point compared to last year leading to the revenue decline


Most importantly, we continue to win new customers and develop our relationships with existing customers right across all of our businesses. The strength of our customer franchises is being reflected in our financial performance.

most importantly we continue to win new customers and develop our relationships with existing customers right across all of our businesses the strength of our customer franchises is being reflected in our financial performance


We actually have a mix of on locally hired, people from H1. But we also have a third category of people from our Mexico center,

we actually have a mix of on -- locally hired people from h1 but we also have a third category of people from our mexico center


forward to be able to grow and make more money, I think would probably be doing them a disservice. So it would be company-owned. As I said, we've got some pretty basic criteria with cultural fit and management teams and

forward to be able to grow and make more money i think we'd probably be doing them a disservice so it would be company owned as i said we've got some pretty basic criteria with cultural fit and management teams and


And then we also tend to focus on how we get into deep risk, especially in the senior area where we can be a very collaborative partner with Medicare Advantage plans and drive great value.

and then we also tend to focus on how we get into deep risk especially in the senior area where we can be a very collaborative partner with medicare advantage plans and drive rate value


So where we're seeing good returns, those are areas where we'll continue to invest and continue to work with the customer in understanding what they're looking for and improve their customer experience.

so where we're seeing good returns those are areas where we'll continue to invest and continue to work with the customer in understanding what they're looking for and improve their customer experience


Medical revenues were down 46%. And as growth in the other lines of business outpaces the medical market, we expect this transition in our revenue mix to continue.

medical revenues were down 46% and as growth in the other lines of business outpaces the medical market we expect this transition in our revenue mix to continue


value out of those. So as we look at what we've done with Payless, the momentum that we have in small shops and the depth and breadth of demand that we see in the small shop space,

value out of those so as we look at what we've done with payless the momentum that we have in small shops and the depth and breadth of demand that we see in the small shop space


in basic, you're talking to your relationship manager only, and in advance, you have the relationship manager, plus you have an investment adviser at your disposal to deploy your investment strategy.

in basic you are talking to your relationship manager only and in advance you have the relationship manager plus you have an investment adviser at your disposal to deploy your investment strategy


Look, we look a lot at what's in our customers' wallet without referring to anyone else's advertising. And I'd say we've seen a very stable mix of customers use of credit cards, other installment debt, other auto debt.

look we look a lot of what's in our customer's wallet without referring to anyone else's advertising and i'd say we've seen a very stable mix of customers' use of credit cards other installment debt other auto debt


had a Clinical Global Impression of Change and Patient Global Impression of Change goal indicating much improved or very much improved at 48 weeks.

had a clinical global impression of change and patient global impression of change score indicating much improved or very much improved at 48 weeks


included the addition of many new stone and accessory SKUs. Now we are working through the process of introducing an additional 1,000 new SKUs over the next 6 months.

included the addition of many new stone and accessory skus now we are working through the process of introducing an additional 1 000 new skus over the next 6 months


and that future events and results may vary substantially from what the company currently foresees. Discussion of the various factors that may affect future results is contained in the company's annual report on Form 10-K

and that future events and results may vary substantially from what the company currently foresees discussion of the various factors that may affect future results is contained in the company's annual report on form 10-k


And so I would hope that investors would be mindful of that, and -- because there's always that balance of wanting the forwards to reflect what reality is and that we can hedge into,

and so i would hope that investors would be mindful of that and -- because there's always that balance of wanting the forwards to reflect what reality is and that we can hedge into


we've done some closures recently and some combinations, but we're not probably as far off on utilization from the target as you might think. And the utilization normally that's

we've done some closures recently and some combinations but we're not probably as far off on utilization from the target as you might think and the utilization normally that's


clearly, Visa Europe is doing better than we expected this year, and accretion is running ahead of the low single digits we had told you. But the year isn't over yet, so we'll wait until the end of the year and give you an update in

clearly visi europe is doing better than we expected this year and accretion is running ahead of the low single digits we had told you but the year isn't over yet so we'll wait till the end of the year and give you an update


I am encouraged by the margin improvement we are seeing in backlog, the traction we are seeing on sales capacity and by the acceleration we are seeing in higher-margin service and product sales.

i am encouraged by the margin improvement we are seeing in backlog the traction we are seeing on sales capacity and by the acceleration we are seeing in higher-margin service and product sales


Combining technology with personal service is the new reality. We discussed our investments in the last few years in appropriate technology for our manufacturing, logistics and retail networks.

combining technology with personal service is the new reality we discussed our investments in the last few years in appropriate technology for our manufacturing logistics and retail networks


I think reiterated the 20% target, and now a quarter later, we're talking about 15%, so it seems like something changed there and I'm just trying to get a better handle on what that was?

i think reiterated the 20% target and now a quarter later we're talking about 15% so it seems like something changed there and i'm just trying to get a better handle on what that was


I think anytime you're looking at a multiyear project in an environment that is as dynamic as the tissue industry and one that has gone -- undergone so much change over the past few years,

i think anytime you're looking at a multiyear project in an environment that is as dynamic as the tissue industry and one that has gone -- undergone so much change over the past few years


it's always difficult to predict at the beginning of that kind of a project what kind of conditions you're going to be faced with going forward. But your thoughts about how do we manage risk and how do we look at this going forward,

it's always difficult to predict at the beginning of that kind of a project what kind of conditions you're going to be faced with going forward but your thoughts about how do we manage risk and how do we look at this going forward


This will be a key driver for KPN's future performance. Alongside quality improvements, we see numerous revenue opportunities and further potential to lower spend.

this will be a key driver for kpn's future performance alongside quality improvements we see numerous revenue opportunities and further potential to lower spend


We lose part of the ISDN lines due to rationalization, yet we are migrating the remaining ISDN customers to KPN ONE and we are witnessing 2 clear benefits.

we lose part of the icn lines due to rationalization yet we are migrating the remaining icn customers to kpn1 and we are witnessing 2 clear benefits


substituting therapeutically even existing patients. So I do believe that we're going to continue to see erosion for REMICADE, that the biosimilar impacts are accelerating and they're going to continue

substituting therapeutically even existing patients so i do believe that we're going to continue to see erosion for remicade that the biosimilar impacts that are accelerating and they're going to continue


If you were to identify 3 to 5 things you think would really shape and evolve this industry or the industries you compete in and the way you think about your strategy, what would you call out?

if you were to identify 3 to 5 things you think would really shape and evolve this industry or the industries you compete in and the way you think about your strategy what would you call out


in terms of information will be very well prepared there as well. So I would be very grateful if we would be able to welcome you there in Pirdop. It will be an experience not to be missed.

in terms of information we'll be very well prepared there as well so i would be very grateful if you would be able to welcome you there in piedmont it will be an experience not to be missed


there should have been less variability in margins, meaning, this 21% margin a year ago going down to 7% seemed quite of a wide drop. And once again, having some pricing power and good brands

there should have been less variability in margins meaning this 21% margin a year ago going down to 7% seemed quite of a wide drop and once again having some pricing power in good brands


Thank you, Dan. Before we open for questions, I would just like to reiterate our key highlights of the year and how they are evidence of our ongoing ability to execute our strategy for the benefit of our shareholders.

thank you dan before we open for questions i would just like to reiterate our key highlights of the year and how they are evidence of our ongoing ability to execute our strategy for the benefit of our shareholders


Related to expansion of operating efficiencies within our retail pharmacy, we continue to work on best practices and to upgrade our customer experience with improved consistency.

related to expansion of operating efficiencies within our retail pharmacy we continue to work on best practices and to upgrade our customer experience with improved consistency


look at this business over a long period of time, we'll start to report that for you. So probably at the end of this year, we're going to create a run rate for you so you'll see exactly what happens from birth to the end. So you're looking through

look at this business over a long period of time we'll start to report that for you so probably at the end of this year we're going to create a run rate for you so you'll see exactly what happens from birth to the end so you're looking through


that we didn't have a relationship with before. And so our 1,700 locations I always talk about could be everything from a

that we didn't have a relationship with before and so our 1 700 locations i always talk about could be everything from a


the cross-industry meeting with the multiple stakeholders, was a very positive, very active, very productive discussion, and everybody's looking forward to the next session to continue the progress on the issue.

the cross-industry meeting with the multiple stakeholders was a very positive very active very productive discussion and everybody's looking forward to the next session to continue the progress on the issue


Well, on the international side, we take all of the tax and legal frameworks into account when we look at those markets, the market opportunity and the pricing

well on the international side we take all of the tax and legal frameworks into account when we look at those markets the market opportunity and the pricing


Ed will now take us through our financials for Q2 in more detail. Afterwards, I will summarize our initiatives and update our expectations going forward. Thank you, Dennis.

ed will now take us through our financials for q2 in more detail afterwards i will summarize our initiatives and update our expectations going forward thank you dennis


What I mean is your product has to be good enough, but you also have to have good packaging and other promotion campaigns.

what i mean is your product has to be good enough but you also have to have good packaging and other promotion campaigns


utilizing its capacity to supply intermediates to both Switzerland and to Bavla. And the next step is to go through the qualification process to enable us to manufacture

utilizing its capacity to supply intermediates to both switzerland and tobaba and the next step is to go through the qualification process to enable us to manufacture


There have not been significant changes to our U.K. capital plans as those have already been accepted by Ofgem through the end of RIIO-ED1. As we think about future spending beyond the current price control period,

there have not been significant changes to our u k capital plans as those have already been accepted by ofgem through the end of rio ed1 as we think about future spending beyond the current price control period


to train, support and grow. And I think that is a foundational element for any upside that we will experience in this business. We can never lose sight

to train support and grow and i think that is a foundational element for any upside that we will experience in this business we can never lose sight


This program facilitates our colleagues' transition to retirement and allows us to provide talent development opportunities and facilitate mobility within the organization.

this program facilitates our colleagues' transition to retirement and allows us to provide talent development opportunities and facilitate mobility within the organization


The office team and field strategy of providing a strong value proposition of an extended construction management solution is taking hold the high attach rate of team and field solutions on top of the core office technology.

the office team and field strategy of providing a strong value proposition of an extended construction management solution is taking hold with the high attach rate of team and field solutions on top of the core office technology


Okay. And that actually brings me to my second question with some of your comments, more on Pall Mall because it does seem that, that brand has been facing an increased amount of pressure.

okay and that actually brings me to my second question with some of your comments more on paul mall because it does seem that that brand has been facing an increased amount of pressure


and really extraordinary if he gets 3. That's the market we're in. Having said that, we still have our limits, physically and intellectually, about how much more we can take

and really extraordinary if he gets 3 that's the market we're in having said that we still have our limits physically and intellectually about how much more we can take


these aren't just acquisitions we're going out and finding. We sat down and did a complete strategic work-up of the marketplace. We brought in a consultant to help us really understand from a data standpoint what was out there,

these aren't just acquisitions we're going out and finding we sat down and did a complete strategic workup of the marketplace we brought in a consultant to help us really understand from a data standpoint what was out there


If we think about our global macro strategy predicated on debt, so the portfolio is being shortened so to

if we think about a global macro strategy predicated on debt so the portfolio is being shortened so to


necessarily know what's going on with the gas reserves effort. Can you provide at least some sense of scenarios around what could develop in the next week and what the possible path forward would be?

necessarily know what's going on with the gas reserves effort can you provide at least some sense of scenarios around what could develop in the next week and what the possible pass-forward would be


We are moving forward to prepare for the implementation of the Department of Labor fiduciary regulations and continue to approach the changes thoughtfully. As I mentioned in our last earnings call,

we are moving forward to prepare for the implementation of the department of labor fiduciary regulations and continue to approach the changes thoughtfully as i mentioned in our last earnings call


But as you know, we're really excited about platform ideas, things that have generic capability that can be broadened over time. And we think flex robotics, diagnostics and other interventions can do that as well.

but as you know we're really excited about platform ideas things that have generic capability that can be broadened over time and we think flex robotics diagnostics and other interventions can do that as well


at least for the time being, in the coal side, we don't see major opportunities lying ahead for us, unless we can

at least for the time being in the coal side we don't see major opportunities lying ahead for us unless we can


We increased core operating margin by 50 basis points. This represents an acceleration of the steady 20 to 40 basis points per year of the last few years

we increased core operating margin by 50 basis points this represents an acceleration of the steady 20 to 40 basis points per year of the last few years


Right now, our leverage ratio is squarely within the 2.5x to 3x range we target. As a result, we are not yet in a position of having excess capital to deploy.

right now our leverage ratio is squarely within the 2 5 to 3x range we target as a result we are not yet in a position of having excess capital to deploy


and broad mixing of services that we support, call types and geos. And so Andrea mentioned in her prepared remarks just all the things that are having an impact

and broad mixing of services that we support call types and geos and so as andrea mentioned in her prepared remarks just all the things that are having an impact


That brand promise comes to life because we deliver experienced talent who have operated from both sides of the desk, usually within the same industry and functional backgrounds.

that brand promise comes to life because we deliver experienced talent who have operated from both sides of the desk usually within the same industry and functional background


results in the quarter were driven by growth in revenue and strong increases in margin. The margin expansion was supported by equal contribution across all our products and business lines.

the results in the quarter were driven by growth in revenue and strong increases in margins the margin expansion was supported by equal contribution across all our products and business lines


But I think that in terms of the technical merits of the 48-volt architecture that we have presented to our customer and to the market now are good.

but i think that in terms of the technical merits of the 48-volt architecture that we have presented to our customer and to the market now are good


we, frankly, think we'll utilize some of that incremental capacity as well. So we'll get leverage benefits on margin as well as cost benefits as well as some increased shipments.

we frankly think we'll utilize some of that incremental capacity as well so we'll get leverage benefits on margin as well as cost benefits as well as some increased shipments


We have additional site functionality and navigation refinements to make before we begin our marketing campaigns, but we have no reason to believe we won't be ready for the full marketing launch in the third quarter.

we have additional site functionality and navigation refinements to make before we begin our marketing campaigns but we have no reason to believe we won't be ready for the full marketing launch in the third quarter


Our business continues to grow, and we are generating consistent free cash flow that can be reinvested to enhance shareholder value. With that, I'd like to turn it over to the operator for questions.

our business continues to grow and we are generating consistent free cash flow that can be reinvested to enhance shareholder value with that i'd like to turn it over to the operator for questions


the company may make projections and other forward-looking statements regarding future events or future business outlook, anticipated progress on Compugen's pipeline program and financing related matters.

the company may make projections and other forward-looking statements regarding future events or future business outlook anticipated progress on compugen's pipeline program and financing-related matters


and different package sizes, so that we can be present in whatever channels the consumer is shopping. So net-net, we are seeing continued category declines. And in fact, as Brian said, it got a little bit worse

and different package sizes so that we can be present in whatever channels the consumer is shopping so net-net we are seeing continued category declines and in fact as bryan said it got a little bit worse


While we fully expected significant pricing this year, the impact of the strengthening dollar on inflation in emerging markets, especially in the second half, forced us to price even more.

while we fully expected significant pricing this year the impact of the strengthening dollar on inflation in emerging markets especially in the second half forced us to price even more


is it the cost structure on which we have got a hold off? And now, probably, it's more of a sales which we would be looking at in terms of improving the performance? That's what I was trying to understand.

is it the cost structure with -- on which we have got a hold off and now probably it's more of a sales which we would be looking at in terms of improving the performance that's what i was trying to understand


If I could ask you to make sure you get a microphone before you ask a question and also for the benefit of those on the webcast if you could introduce yourself and your company, please. Thank you. We have

if i could ask you to make sure you get a microphone before you ask a question and also for the benefit of those on the webcast if you could introduce yourself and your company please thank you we have


reported revenue and the proxy for the dealer shipments was up 10%, right. So how do we think about that in terms of what happened last year and how to think as we progress through the fourth quarter?

reported revenue as a proxy for the dealership months was up 10% right so how do we think about that in terms of what happened last year and how to think as we progress through the fourth quarter


who order on a regular basis. And so part of the reason we put the 24 folks out there was specifically to allow folks that have a retail focus

who order on a regular basis and so part of the reason we put the 24 folks out there was specifically to allow folks that have a retail focus


Because these cycles do tend to have finite lives and so we just made the decision that Collection would be our last tower. We did, however, make a financial investment through a B-note structure

because these cycles do tend to have finite lives and so we just made the decision that collection would be our last tower we did however make a financial investment through a b-note structure in


In Asset Management, we have good scale on distribution, broad investment capabilities and the ability to adjust the business and leverage our integrated model while continuing to generate a good return.

in asset management we have good scale and distribution broad investment capabilities and the ability to adjust the business and leverage our integrated model while continuing to generate a good return


This faster repricing of our liabilities is a result of our consumer book being more resilient to a decrease in rates as well as increased liquidity in the system in general due to overall slower loan growth.

this faster repricing of our liabilities is a result of our consumer book being more resilient to a decrease in rates as well as increased liquidity in the system in general due to overall slower loan growth


Total company residential HSD ARPU growth has been fueled by a proportional mix of marketing, such as lack of discounts and improved sell-in and upgrades,

total company residential hsd arpu growth has been fueled by a proportional mix of marketing such as lack of discounts and improved sell-in and upgrades


that we're as broad. We want to advertise across the entire assortment rather than what we were forced to do in the past was kind of go very deep into a narrow assortment. So you'll

um that we're as broad we know we want to advertise across the entire assortment rather than what we were forced to do in the past was kind of go very deep into a narrow assortment so um you'll


We see opportunity to expand our store footprint, however, and will continue to make investments in new store locations where we are confident we can produce an attractive return on our investment.

we see opportunity to expand our store footprint however and will continue to make investments in new store locations where we are confident we can produce an attractive return on our investment


and our projections of pretax income for the remainder of 2016. We expect that our tax rate in the near term will continue to be impacted by valuation allowance and deferred tax considerations.

and our projections of pretax income for the remainder of 2016 we expect that our tax rate in the near term will continue to be impacted by valuation allowance and deferred tax considerations


Now moving to our balance sheet summary on Page 9. You can see that our cash balance fell from last quarter due to the temporary working capital movement I just discussed, which reversed itself in July.

now moving to our balance sheet summary on page 9 you can see that our cash balance fell from last quarter due to the temporary working capital movement i just discussed which reversed itself in july


As the Continuity and Integration of Acquisitions Director, it's my responsibility to proactively prepare our company to effectively execute the integration of acquisitions once the opportunities are presented.

as the continuity and integration of acquisitions director it is my responsibility to proactively prepare our company to effectively execute the integration of acquisitions once the opportunities are presented


So there, inherently, you will have, as you launch a product, you will have a gradual decline in the average realized price, which is a natural consequence of obtaining broader penetration of the product.

so there inherently you will have as you launch a product you will have a gradual decline in the average realized price which is a natural consequence of obtaining broader penetration of the product


Client planning for international and offshore projects is gradually progressing and as these projects move forward, our activities sourced from these markets is expected to improve

client planning for international and offshore projects is gradually progressing and as these projects move forward our activities sourced from these markets is expected to improve


The baby depot team has been working very hard on the assortment in our in-stock position and we are delighted to see this result for business that remains a differentiator for us.

the baby depot team has been working very hard on the assortment and our in-stock position and we are delighted to see this result for a business that remains a differentiator for us


Unlike our peers, NeuLion owns and operates every piece of our end-to-end platform. Each piece is tightly integrated and seamlessly delivers high-quality interactive content across multiple screens.

unlike our peers new lion owns and operates every piece of our end-to-end platform each piece is tightly integrated and seamlessly delivers high-quality interactive content across multiple screens


Before we begin, I want to remind you that certain statements made during management's presentation with respect to future, financial or business performance may constitute forward-looking statements.

before we begin i want to remind you that certain statements made during management's presentation with respect to future financial or business performance may constitute forward-looking statements


Production declined slightly from the first quarter as we only brought one well online in the first half of 2017 and ended the quarter with 11 DUCs. As Alan mentioned, we have a dedicated frac spread,

production declined slightly from the first quarter as we only brought one well online in the first half of 2017 and ended the quarter with 11 ducs as alan mentioned we have a dedicated frac spread


and strengthening our balance sheet, both through the AMPS transaction as well as additional principal paydowns on the secured notes issued as part of the holistic restructuring transaction that closed earlier this year.

and strengthening our balance sheet both through the amps transaction as well as additional principal paydowns on the secured notes issued as part of the holistic restructuring transaction that closed earlier this year


The primary growth in international market is likely to come from Asia, as we are now selling in China, Japan, Korea and India, and the feedback has been very positive.

the primary growth in international markets is likely to come from asia as we are now selling in china japan korea and india and the feedback has been very positive


one of the offsetting things in small business is when you go into a softer cycle, you tend to write less new business and your renewal business is a higher percentage of your premium. So some of the -- what you get back in some of the rates,

one of the offsetting things in small businesses when you go into a softer cycle you tend to write less new business and your renewal business is a higher percentage of your premium so some of the -- what you give back in some of the rates


I had some sense from comments in prior quarters that it was possible you might increase your spending against those 2 programs if you saw

i had some sense from comments in prior quarters that it was possible you might increase your spending against those 2 programs if you saw


the team there's done a magnificent job in terms of the complexity of components that we work on and how they have brought them to final completion.

the team there done a magnificent job in terms of the complexity of components that we work on and how they have brought them to final completion


Well, our results for the fourth quarter and for the year reflect the continuing challenges the company and our fellow Delaware casinos face with the formula for gaming revenue distribution within the state.

well our results for the fourth quarter and for the year reflect the continuing challenges the company and our fellow delaware casinos face with the formula -- for gaming revenue distribution within the state


delaying things or maybe things wouldn't be quite as good as they would have been otherwise as a result of not being able to find the labor? Just any opinion you have on that.

delaying things or maybe things wouldn't be quite as good as they would have been otherwise as a result of just not being able to find the labor or just any opinion you have on that


which mean that the objective is not to reduce, but to contribute some efficiencies. So we are making good progress negotiating and working differently with media companies, consolidating many of our suppliers,

which mean that the objective is not to reduce but to contribute some efficiencies so we are making good progress negotiating and working differently with media companies consolidating many of our suppliers


and that discussion? And then also how much you might have to put in for that midyear increase to catch up to what you think might be the new run rate? Just any kind of color you could give us on that.

in that discussion and then also how much you might have to put in for that midyear increase to catch up to what you think might be the new run rate just any kind of color you can give us on that


it's been a common theme this earnings season of hearing about some of the new entrants into the market going on a bid-it-to-win-it kind of basis and pricing getting a little soft. But

it's been a common theme this earning season of hearing about some of the new entrants into the market going on a bid-it-to-win-it kind of basis and pricing getting a little soft but


We expect the first treatment period to be completed in December and the second period in February of 2018, with top line data analyzed and available in the second calendar quarter.

we expect the first treatment period to be completed in december and the second period in february of 2018 with top line data analyzed and available in the second calendar quarter


The 4th of July holiday timing softens the third quarter performance and the sequential comp to second quarter is harder with the full Easter benefit showing up in the second quarter.

the fourth of july holiday timing softens the third quarter performance and the sequential comp second quarter is harder with the full easter benefit showing up in the second quarter


Okay. And I was curious, are you able to purchase like a gift card or purchase a subscription for the service that you can give to someone else as a gift?

okay and i was curious are you able to purchase like a gift card or purchase a subscription for the service that you can give to someone else as a gift


Whether it manifests itself through a boost in loan demand or improvements in credit trends, we are focused on making sure that we remain our customers' first choice for their financial needs.

whether it manifests itself through a boost in loan demand or improvements in credit trends we are focused on making sure that we remain our customers' first choice for their financial needs


of outside operational consultants that were assisting us in accelerating the enhancement of our maintenance management system and maintenance procedures and with centralizing and expanding our procurement and inventory management efforts.

of outside operational consultants that are assisting us in accelerating the enhancement of our maintenance management system and maintenance procedures and with centralizing and expanding our procurement and inventory management efforts


As you'll recall that our net contract capital position had peaked in the second quarter as a result of the large Q2 charges we took on the LNG projects.

as you recall that our net contract capital position had peaked in the second quarter as a result of the large q2 charges we took on the lng projects


Please note that, as in the past, while we will not be reviewing the presentation slide by slide during the call, we will make reference to a number of the slides as we discuss our financial results.

please note that as in the past while we will not be reviewing the presentation slide by slide during the call we will make reference to a number of the slides as we discuss our financial results


I would now like to turn the call over to Todd Cleveland. Thank you, Julie Ann, and thank you all for joining us on the call today. This morning, we'd like to discuss the company's first quarter 2017 results and provide an update on the major markets we serve.

i would now like to turn the call over to todd cleveland thank you julianne and thank you all for joining us on the call today this morning we'd like to discuss the company's first quarter 2017 results and provide an update on the major markets we serve


I know there's a lot going on with market share and Costco and different things. But I just wondered if you look at that, if there's a way -- if you think there's been some acceleration in secular trends.

i know there's a lot going on with market share and costco and different things but i just wanted to -- if you look at that if there's a way -- if you think there's been some acceleration in secular trends


Although this recalibrates the baseline somewhat, it doesn't change our commitment to an effective and efficient working capital structure to maintain minimum levels of investment.

although this recalibrates the baseline somewhat it doesn't change our commitment to an effective and efficient working capital structure to maintain minimum levels of investment


So many smaller companies are typically for sale in that phase and then mostly the companies with

so many smaller companies are typically for sale in that phase and then mostly the companies with


And one final point, is I am still going to be here for 6 months. So these lot will still have to put up with me for that long and during this period I'm fully committed to driving the business forwards.

and one final point is i am still going to be here for 6 months so these models still have to fit up with me for that long and during this period i am fully committed to driving business forward


it may not reflect what investors feel when the impact happens of rising corporate bond spreads. That's why I wanted to ask a question in a more basic way what's the duration of the portfolio, how much have you got

it may not reflect what investors feel when the impact happens of rising corporate bonds that's why i wanted to ask the question in a more basic way what's the duration of the portfolio how much have you got


And when you see on the right side of the slide, the place of govies in our investments is mainly due to the necessity we are

and when you see on the right side of a slide the place of gavi in our investments is mainly due to the necessity we are


were all pouring over, working tirelessly in order to help the company be able to come to the determination that there were

we're all pouring over working tirelessly in order to help the company be able to come to the determination that there were


currency prices coming from loans that we granted versus our loans in U.S. dollars that's our normal level of debt. So if

in currency prices coming from loans that we granted versus our loans in u s dollars that's our normal level of debt so if


Our team in Europe has initiated plans to address these concerns, and we move forward with expectations for additional sales growth and operating improvement over the balance of the year.

our team in europe has initiated plans to address these concerns and we move forward with expectations for additional sales growth and operating improvement over the balance of the year


they could represent an opportunity for a company like ours, and we look forward to understand which kind of regulation will be finally decided by the Italian

they could represent an opportunity for a company like ours and we look forward to understand which kind of regulation will be finally decided by the italian


I've looked through every individual hotel that left the system in the first quarter of 2018. It's never a surprise to see that many of those hotels

i've looked through every individual hotel that left the system in first quarter of 2018 it's never a surprise to see that many of those hotels


particularly in the second half of the year. We have strong performances in our corporate and investment banking businesses and more modest results in our capital markets businesses.

particularly in the second half of the year we have strong performances in our corporate and investment banking businesses and more modest results in our capital markets businesses


for all your hard work and dedication. It's been an honor and a pleasure to serve as your CEO these past 6 years. I'm leaving in peace because I know we have the right CEO in Ray Scott,

for all your hard work and dedication it's been an honor and a pleasure to serve as your ceo these past 6 years i'm leaving in peace because i know we have the right ceo in ray scott


Watch margins expanded 57 basis points as we continue to drive productivity and operating leverage in the business. Our Watch segment remains strong and our new products are gaining momentum.

watch margins expanded 57 basis points as we continue to drive productivity and operating leverage in the business our watch segment remains strong and our new products are gaining momentum


It's so hard to tell because Fast Casual Black Box has a very large presence there but at the same time they don't have 1 or 2 of the largest names. So I think

it's so hard to tell because fast casual black box has a very large presence there but at the same time they don't have 1 or 2 of the largest names so i think i'd be


Yes, again, Brian, it is a little bit difficult to hear you. But what I think you were asking had to do with getting it through the regulations and the approval agencies. And do I see that as

yes again brian it's a little bit difficult to hear you but what i think you were asking had to do with getting it through the regulations and the approval agencies and do i see that as


These 2 developments reinforce our belief that there is significant opportunity for growth in providing products and services to operators focused on pipeline integrity.

these 2 developments reinforce our belief that there is significant opportunity for growth in providing products and services to operators focused on pipeline integrity


They understand the potential value of gene therapy and how it may be quite different than what's available on the marketplace. And consistent with what the KOLs told us

they understand the potential value of gene therapy and how it may be quite different than what's available on the marketplace and consistent with what the kols told us


Before we begin, I would like to refer you to the comments regarding forward-looking information contained in our press release and also note that all amounts are in Canadian dollars and production and reserves are expressed as before royalties, unless otherwise stated.

before we begin i would like to refer you to the comments regarding forward-looking information contained in our press release and also note that all amounts are in canadian dollars and production and reserves are expressed as before royalties unless otherwise stated


looking at each of the traps, scanning the number which trap number, 1173, and then if there is a creature in it, he has to remove the creature and take a mugshot of the creature

looking at each of the traps scanning the number which trap number 1173 and then if there is a creature in it he has to remove the creature and take a mugshot of the creature


We've taken a number of steps to bring our cost structure in line with the reduced level of sales. However, many of these actions occurred later in the quarter, providing only a partial offset for the period.

we've taken a number of steps to bring our cost structure in line with a reduced level of sales however many of these actions occurred later in the quarter providing only a partial offset for the period


And finally, we have and will maintain a highly disciplined approach to capital allocation with a commitment to delever over time that has the potential to create value for equity holders.

and finally we have and will maintain a highly disciplined approach to capital allocation with a commitment to delever over time that has the potential to create value for equity holders


I would like to understand whether your focus will be more in establishing partnerships with large chains. Or whether you're also looking at smaller companies that maybe

i would like to understand whether your focus would be more in establishing partnerships with large chains or whether you're also looking at smaller companies that may be